The Benefits of Moving from Tenant to Owner

Wang Globalnet, 4 Stonehill Drive, Wiri

Wang Globalnet (a Korean food importer and distributor), had been tenants in their Mt Wellington site for a number of years. They were infact our neighbours and approached us when they realised they were fast moving out of warehouse space. They also had the additional pressure of having to relocate within tight timeframes.

During the course of our discussion it became clear that their best solution would be to cease being tenants and purchase their own property and effectively control their own destiny. Land prices in Mt Wellington had sky rocketed and availability of land had dwindled. Opportunities in this area were rare and would take more time than they had to come to fruition. It was an opportunity to look further afield.

Wang signed us on in an exclusive brokerage arrangement. We worked closely with them to get an intimate understanding of their business. Our team pulled together a brief, and then went to the market. Over the next month we talked with various land owners and developers, and by utilising our indepth knowledge of the South Auckland market we formed a short list of potential partners.

They selected a well-known developer in Manukau. The new site was in Wiri, only 10 minutes away from Mt Wellington and at a lower land price. The improved roading infrastructure with changes to the SH20 connection and Waterview Tunnel, also had the additional benefits of shorter travel times and petrol savings.

Even with a few changes they made during the build, only 10 months later Wang successfully moved from Mt Wellington to a new, purpose built, state of the art, 5000 sqm industrial property, on just under a hectare of land in Wiri.